CAPSTONE INVESTMENT ADVISORS, LLC Q1 2025 Filing

Filed May 15, 2025

Portfolio Value

$37.8B

Holdings

701

Report Date

Q1 2025

Filing Type

13F-HR

All Holdings (701 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR	16,734,922	$9.4B	24.75%	Put
2	TSLATESLA INC	10,764,854	$2.8B	7.38%	Put
3	AMZNAMAZON COM INC	14,533,195	$2.8B	7.31%	Put
4	NVDANVIDIA CORPORATION	24,402,223	$2.6B	6.99%	Put
5	MSFTMICROSOFT CORP	5,490,086	$2.1B	5.45%	Put
6	NDQINVESCO QQQ TR	3,655,544	$1.7B	4.53%	Put
7	GOOGLALPHABET INC	7,750,863	$1.2B	3.17%	Put
8	AAPLAPPLE INC	5,051,934	$1.1B	2.97%	Put
9	IWMISHARES TR	3,201,378	$638.6M	1.69%	Put
10	GQ9SPDR GOLD TR	1,976,823	$569.6M	1.51%	Put
11	IVVISHARES TR	956,191	$537.3M	1.42%
12	GOOGALPHABET INC	3,198,867	$499.8M	1.32%	Put
13	HYGISHARES TR	6,291,801	$496.4M	1.31%	Put
14	AMDADVANCED MICRO DEVICES INC	3,462,623	$355.7M	0.94%	Put
15	EEMISHARES TR	7,884,689	$344.6M	0.91%	Put
16	METAMETA PLATFORMS INC	518,627	$298.9M	0.79%	Put
17	AVGOBROADCOM INC	1,558,012	$260.9M	0.69%	Put
18	BRK/BBERKSHIRE HATHAWAY INC DEL	474,012	$252.4M	0.67%	Put
19	GDXVANECK ETF TRUST	4,580,200	$210.6M	0.56%	Put
20	XLFSELECT SECTOR SPDR TR	3,841,085	$191.3M	0.51%	Put
21	XOPSPDR SER TR	1,442,500	$190.0M	0.50%	Put
22	JPMJPMORGAN CHASE & CO.	718,809	$176.3M	0.47%	Put
23	WMTWALMART INC	1,544,508	$135.6M	0.36%	Put
24	FXIISHARES TR	3,658,600	$131.1M	0.35%	Put
25	NVMI 0 10/15/25NOVA LTD	50,702,000	$124.9M	0.33%
26	SMHVANECK ETF TRUST	576,076	$121.8M	0.32%	Put
27	LLYELI LILLY & CO	134,018	$110.7M	0.29%	Put
28	XLESELECT SECTOR SPDR TR	1,169,600	$109.3M	0.29%	Put
29	VOOVANGUARD INDEX FDS	205,787	$105.8M	0.28%
30	ABBVABBVIE INC	495,157	$103.7M	0.27%	Put
31	X 5 11/01/26UNITED STATES STL CORP	31,584,000	$100.0M	0.26%
32	VVISA INC	284,500	$99.7M	0.26%	Put
33	COSTCOSTCO WHSL CORP NEW	105,227	$99.5M	0.26%	Put
34	ZS 0.125 07/01/25ZSCALER INC	71,500,000	$95.0M	0.25%
35	BACBANK AMERICA CORP	2,260,841	$94.3M	0.25%	Put
36	PLTRPALANTIR TECHNOLOGIES INC	1,095,990	$92.5M	0.24%	Put
37	IBMINTERNATIONAL BUSINESS MACHS	359,439	$89.4M	0.24%	Put
38	UNHUNITEDHEALTH GROUP INC	167,054	$87.5M	0.23%	Put
39	NFLXNETFLIX INC	90,244	$84.2M	0.22%	Put
40	JNJJOHNSON & JOHNSON	498,300	$82.6M	0.22%	Put
41	VRNS 1.25 08/15/25VARONIS SYS INC	61,779,000	$82.4M	0.22%
42	XLBSELECT SECTOR SPDR TR	943,212	$81.1M	0.21%	Put
43	MAMASTERCARD INCORPORATED	146,734	$80.4M	0.21%	Put
44	HDHOME DEPOT INC	218,682	$80.1M	0.21%	Put
45	CRMSALESFORCE INC	267,437	$71.8M	0.19%	Put
46	SCHWSCHWAB CHARLES CORP	899,285	$70.4M	0.19%	Put
47	LQDISHARES TR	629,601	$68.4M	0.18%	Put
48	INVA 2.5 08/15/25INNOVIVA INC	60,630,000	$66.8M	0.18%
49	MUMICRON TECHNOLOGY INC	760,579	$66.1M	0.17%	Put
50	XOMEXXON MOBIL CORP	555,430	$66.1M	0.17%	Put
51	NEO 1.25 05/01/25NEOGENOMICS INC	65,777,000	$65.6M	0.17%
52	ABNB 0 03/15/26AIRBNB INC	67,681,000	$64.8M	0.17%
53	ORCLORACLE CORP	458,366	$64.1M	0.17%	Put
54	WFCWELLS FARGO CO NEW	889,784	$63.9M	0.17%	Put
55	TDOC 0.875 06/01/25LIVONGO HEALTH INC	63,621,000	$63.1M	0.17%
56	INSM 0.75 06/01/28INSMED INC	26,531,000	$63.0M	0.17%
57	NET 0 08/15/26CLOUDFLARE INC	61,426,000	$61.8M	0.16%
58	XLISELECT SECTOR SPDR TR	469,400	$61.5M	0.16%	Put
59	DWDMORGAN STANLEY	525,792	$61.3M	0.16%	Put
60	IDCC 3.5 06/01/27INTERDIGITAL INC	22,532,000	$60.6M	0.16%
61	DISDISNEY WALT CO	605,768	$59.8M	0.16%	Put
62	KOCOCA COLA CO	833,453	$59.7M	0.16%	Put
63	ADBEADOBE INC	153,533	$58.9M	0.16%	Put
64	INTCINTEL CORP	2,517,006	$57.2M	0.15%	Put
65	IBITISHARES BITCOIN TRUST ETF	1,219,690	$57.1M	0.15%	Put
66	QCOMQUALCOMM INC	355,436	$54.6M	0.14%	Put
67	MCDMCDONALDS CORP	174,300	$54.4M	0.14%	Put
68	FYBRFRONTIER COMMUNICATIONS PARE	1,485,000	$53.3M	0.14%
69	FOUR 0 12/15/25SHIFT4 PMTS INC	46,141,000	$53.0M	0.14%
70	IONS 0 04/01/26IONIS PHARMACEUTICALS INC	50,950,000	$50.1M	0.13%
71	CNX 2.25 05/01/26CNX RES CORP	20,104,000	$49.5M	0.13%
72	DOCN 0 12/01/26DIGITALOCEAN HLDGS INC	52,590,000	$49.1M	0.13%
73	BABOEING CO	281,658	$48.0M	0.13%	Put
74	CSCOCISCO SYS INC	778,171	$48.0M	0.13%	Put
75	DDOG 0.125 06/15/25DATADOG INC	42,000,000	$47.2M	0.12%
76	4I1PHILIP MORRIS INTL INC	293,901	$46.7M	0.12%	Put
77	TMUST-MOBILE US INC	174,000	$46.4M	0.12%	Put
78	XMESPDR SER TR	818,733	$45.8M	0.12%	Put
79	ABTABBOTT LABS	333,366	$44.2M	0.12%	Put
80	AKAM 0.375 09/01/27AKAMAI TECHNOLOGIES INC	45,110,000	$44.1M	0.12%
81	PR 3.25 04/01/28PERMIAN RESOURCES CORP	17,607,000	$42.9M	0.11%
82	AKAM 0.125 05/01/25AKAMAI TECHNOLOGIES INC	42,867,000	$42.8M	0.11%
83	CVXCHEVRON CORP NEW	255,081	$42.7M	0.11%	Put
84	BXBLACKSTONE INC	297,536	$41.6M	0.11%	Put
85	RDDTREDDIT INC	391,486	$41.1M	0.11%	Put
86	LINLINDE PLC	87,500	$40.7M	0.11%	Put
87	PGPROCTER AND GAMBLE CO	238,706	$40.7M	0.11%	Put
88	XERSXERIS BIOPHARMA HOLDINGS INC	20,900,000	$39.9M	0.11%
89	MRKMERCK & CO INC	441,426	$39.6M	0.10%	Put
90	RTXRTX CORPORATION	293,497	$38.9M	0.10%	Put
91	TSMTAIWAN SEMICONDUCTOR MFG LTD	233,945	$38.8M	0.10%	Put
92	ACNACCENTURE PLC IRELAND	123,560	$38.6M	0.10%	Put
93	DXCM 0.25 11/15/25DEXCOM INC	39,533,000	$38.6M	0.10%
94	GSGOLDMAN SACHS GROUP INC	70,519	$38.5M	0.10%	Put
95	ECPG 3.25 10/01/25ENCORE CAP GROUP INC	36,489,000	$38.0M	0.10%
96	TAT&T INC	1,247,200	$35.3M	0.09%	Put
97	UBERUBER TECHNOLOGIES INC	477,292	$34.8M	0.09%	Put
98	AKAM 1.125 02/15/29AKAMAI TECHNOLOGIES INC	36,000,000	$34.4M	0.09%
99	AXPAMERICAN EXPRESS CO	125,382	$33.7M	0.09%	Put
100	USMVISHARES TR	353,001	$33.1M	0.09%

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